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Commentary

Brent crude rose 78 cents to $76.16 a barrel by 06:45 GMT after dropping to its lowest since May 8 on Tuesday. WTI futures were up 33 cents at $65.85 a barrel, having touched a near two-month low on Tuesday. We've seen some support today as the API has predicted a 2 million barrel draw of U.S. crude stockpiles. So Trump and Kim will be meeting on the Singaporean island of Sentosa, a name which translates as 'peace and tranquility'. It's definitely not a word that you would use for the oil market right now. Oil markets have moved their gaze away to concentrate on the tussle between falling supply from Venezuela and Iran against the request of the U.S. for OPEC to start producing more oil. EIA data at 3.30pm UK time. Good day.

Economic data/events (Times are London.)

* 12pm: U.S. MBA Mortgage Applications for June 1

* 1:30pm: U.S. Trade Balance for April

* 3:30pm: U.S. EIA weekly oil inventory report

* Platts Global Crude Oil Summit, final day

* Genscape weekly ARA crude stockpiles report

Singapore 380 cSt

Jul18 - 437.75 / 439.75

Aug18 - 433.00 / 435.00

Sep18 - 428.50 / 430.50

Oct18 - 424.50 / 426.50

Nov18 - 421.00 / 423.00

Dec18 - 417.50 / 419.50

Q3-18 - 433.00 / 435.00

Q4-18 - 421.00 / 423.00

Q1-19 - 409.25 / 411.75

Q2-19 - 396.75 / 399.25

CAL19 - 373.50 / 376.50

CAL20 - 301.00 / 306.00

Singapore 180 cSt

Jul18 - 448.50 / 450.50

Aug18 - 444.25 / 446.25

Sep18 - 440.00 / 442.00

Oct18 - 436.00 / 438.00

Nov18 - 432.00 / 434.00

Dec18 - 428.75 / 430.75

Q3-18 - 444.25 / 446.25

Q4-18 - 432.00 / 434.00

Q1-19 - 420.50 / 423.00

Q2-19 - 408.50 / 411.00

CAL19 - 388.00 / 391.00

CAL20 - 315.00 / 320.00

Rotterdam 3.5%

Jul18 - 420.50 / 422.50

Aug18 - 417.00 / 419.00

Sep18 - 412.75 / 414.75

Oct18 - 408.25 / 410.25

Nov18 - 403.75 / 405.75

Dec18 - 399.25 / 401.25

Q3-18 - 416.75 / 418.75

Q4-18 - 404.00 / 406.00

Q1-19 - 393.00 / 395.50

Q2-19 - 380.00 / 382.50

CAL19 - 352.50 / 355.50

CAL20 - 286.00 / 291.00